Good Morning! CEOs of the three biggest AI companies (Dario Amodei, Sam Altman, Elon Musk) agree they need to slow down before "something goes seriously wrong." A New York lawsuit claims Blackstone overcharged rent-stabilized tenants by $30 million in FiDi. College athletes used to live in dorms but now star QBs are buying 7-figure mansions near their universities.

Apollo is said to be in talks to acquire Johnson & Johnson's orthopedics unit for ~$20 billion. Dozens of NYC bars are selling Honey Deuce dupes as the US Open proves too expensive for some to attend in person. And one investor is using 500,000 Pokémon and trading cards as a hedge against a debt crisis.

Plus: How sleep scores became a status symbol, why meetings are the strongest predictor of wage growth, and how to give a talk that hooks your audience.

Bank like the family offices bank. Join the Stelrix waitlist today.

SQUEEZ OF THE DAY

Wall Street Wants Anthropic’s Millionaires

Anthropic hasn’t even gone public yet, and Wall Street is already fighting over what all of its employees are going to do with the money.

Anthropic is reportedly looking to assemble a list of wealth managers for employees who could soon become very, very rich. The Claude maker has held discussions with Goldman Sachs, Bank of America, JPMorgan, Wells Fargo and BNY, asking firms to pitch everything from fees and services to tax planning.

Anthropic is expected to raise as much or more than SpaceX did in its $86.2 billion debut, and employees who received equity even just a few years ago could suddenly be sitting on life-changing fortunes. One wealth manager compared the stock awards to lottery tickets, which isn't a bad description when a few years at an AI startup can potentially turn into tens of millions of dollars overnight.

The same banks competing for a piece of Anthropic’s IPO are now competing for its employees, too. They're pitching everything from lending against portfolios and managing investments to taxes and estate planning. Winning an underwriting mandate is obviously lucrative, but landing a 30-year-old engineer with $15 million of newly liquid stock isn't exactly a consolation prize. One blockbuster IPO can create hundreds or even thousands of potential private-bank clients in a single afternoon.

SpaceX already provided something of a roadmap. Before its IPO, more than 1,000 current and former employees banded together to negotiate better pricing with wealth management firms. Anthropic employees could have enough leverage that the company itself is effectively making Wall Street compete for their business before an IPO has even been scheduled.

Takeaway: The AI boom is creating a whole second economy around the people getting rich from it. Anthropic may be building Claude, but Goldman and JPMorgan are already thinking about what happens when a 29-year-old engineer wakes up with $10 million in liquid stock and no idea what to do with it. Now, does anyone reading this at Anthropic have any shares to sell?

PRESENTED BY STELRIX

Family Offices Grew 31% in Five Years

There are now over 8,000 single family offices worldwide, up 31% in five years, and Deloitte projects 10,720 by 2030. “Single Family Offices” are private firms that exist to serve exactly one family.

Beyond picking investments, a family office’s real job is running the family balance sheet like a corporate treasury. Liquidity comes from credit, not sales. Real estate, tax bills, and new deals get funded by borrowing against the portfolio which allows it to continue compounding untouched. It’s why the ultra-wealthy rarely show up as sellers.

Stelrix brings that treasury function, in the form of an investment-backed credit card, to individual investors without the nine-figure minimum.

Learn more about how the wealthy spend through their Instagram and sign-up for their gold card waitlist today.

HEADLINES

Top Reads

• Biggest AI rivals agree they need to slow it down (WSJ)

• New York lawsuit says Blackstone overcharged rent-stabilized tenants by $30 million (Yahoo News)

• College athletes used to live in dorms. Now they're buying million-dollar homes. (WSJ)

• Meet the venture capital using 500,000 Pokémon and trading cards as a hedge against a debt crisis (Fortune)

• Apollo Global is said in talks to acquire J&J's orthopedics unit (BB)

• If $300 US Open tickets are too steep, maybe a $13 Honey Deuce will do (BB)

• Sleep scores have become a status symbol (WSJ)

• Hate meetings? They may be good for your paycheck (BB)

• Pinegrove closes first venture fund of funds since absorbing SVB Capital (WSJ)

• KKR wraps up $2.1 billion leveraged loan for Integer acquisition (BB)

• Apollo-backed Brightspeed in talks with top creditors as it seeks fresh capital (WSJ)

• Sports investors on capital deployment (BB)

• Pentagon in talks to get into AI infrastructure funding with a $5 billion loan (WSJ)

• Where investors avoiding bonds in selloff are finding new sources of income (CNBC)

• Iranians are running out of gas as economic squeeze takes hold (WSJ)

• Private credit Jenga tower teeters as Treasuries climb (BB)

• Silver Lake merges Cegid and Silae in 10 billion euro AI software deal (CNBC)

• Nvidia mulls $10 billion Anthropic IPO backing, Reuters says (BB)

• Wall Street's favorite AI startup sets its sights on wealth management (WSJ)

• Anthropic's Amodei proposes plan to slow the pace of advancing AI capabilities (CNBC)

• Wall Street says stay with stocks despite late '90s dot-com vibe (BB)

• The new rainmakers of European private equity (FT)

• JPMorgan cut off Situational Awareness lending after AI losses (FT)

CAPITAL PULSE

Markets Rundown

Market Update

• Stocks rose despite August core CPI coming in at 0.3% monthly, above the 0.2% consensus; headline CPI matched expectations at 0.4%.

• The 10-year Treasury yield finished at 4.97% as short-end yields rose on higher rate-hike expectations.

• Oil prices pulled back on reports Gulf states could meet with Iran next week to discuss easing hostilities.

Economic Data

• Annual CPI came in at 3.4% headline and 2.4% core; transportation services rose 0.5%, a sign energy costs are spreading.

• Fed rate-hike odds for next week's meeting rose to roughly 86%.

• S&P 500 earnings are on pace to grow more than 30% in 2026.

Geopolitics and Oil

• Reports of a possible Gulf states-Iran meeting next week to discuss a temporary Strait of Hormuz agreement helped ease oil prices.

• This closes out a volatile week marked by rising yields, elevated oil prices, and hot inflation data.

• Lingering Middle East uncertainty and the approaching midterms could still weigh on markets into a seasonally weak month.

Movers & Shakers

• (+) Dell Technologies ($DELL) +12% after CFO David Kennedy pointed to surging AI server demand at a Goldman conference.

• (+) Sweetgreen ($SG) +5% because the CDC declared the multi-state cyclosporiasis outbreak officially over.

• (–) Oko ($OKLO) -9% after the nuclear power company entered an equity distribution agreement to sell up to $1 billion of common stock.

Prediction Markets

• The Emmys are tonight at 8pm EDT.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Copart agreed to acquire ACV, an online vehicle auctioneer, for around $1.9 billion

• UniPat AI, an AI training and benchmarking startup, is in talks to raise $300 million

• Covenant, a developer of cruise missiles, disclosed $250 million in funding

• Ayar Labs, a developer of co-packaged optics, raised $150 million

• TAR, a developer of off-grid power systems for AI data centers, raised $120 million

• Maven Robotics, a warehouse robotics startup, raised $100 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

The Awesome Portfolio

Description:
Jared Dillian challenges the conventional wisdom that investors should simply put their money into an index fund, accept the market's volatility, and wait for retirement. He presents the “Awesome Portfolio,” a simple allocation across stocks, bonds, cash, gold, and real estate designed to capture returns close to the stock market while significantly reducing volatility and drawdowns. Drawing on his experience as a Wall Street trader and investment strategist, Dillian explores the historical performance and mathematics behind the approach, as well as the behavioral reality that investors often abandon otherwise sound strategies when markets become frightening. The central idea is straightforward: a portfolio that is easier to live with may ultimately produce better real-world results because investors are more likely to stay invested through difficult markets.

Book Length: 256 pages
Release Date: September 8, 2026

Ideal For:
Long-term investors, retirees, financial advisors, and anyone looking for a diversified portfolio that prioritizes both long-term growth and the ability to sleep comfortably through market volatility.

The best portfolio is not necessarily the one with the highest theoretical return, but the one you can hold when everything goes wrong.

DAILY VISUAL

How AI is Impacting the S&P 500

PRESENTED BY DALOOPA

From Chatbots to Agents: Rethinking Investment Research

Chatbots were just the beginning. Financial institutions are moving quickly past basic AI search toward autonomous agents, reshaping how investment research gets done.

In this brief on-demand session, Daloopa CEO Thomas Li highlights what he's seeing across the industry as firms progress from LLMs for search, to Skills powered by Daloopa's MCP, to fully autonomous agents. He digs into how this shift is changing research workflows day-to-day and what it means for how firms hire, train, and manage talent going forward.

If you're trying to figure out where AI adoption in investment research is headed and what it means for your team's future, this session is a must-watch. Register now to watch on-demand, and check the box if you'd also like a demo of Daloopa.

DAILY ACUMEN

Newton’s Trade

In the spring of 1720, Isaac Newton, by then one of the most famous scientists alive, held an early stake in the South Sea Company. He watched the price climb, grew uneasy about how far it had run, and sold for a solid profit. That should have been the end of the story.

Instead, he watched from the sidelines as the stock kept climbing, from around £130 a share past £1,000, while friends and acquaintances grew visibly richer without him. Unable to stand it, he bought back in near the top, in size. Months later the bubble collapsed, the stock falling back below where it started, and Newton walked away having lost around £20,000, a sum worth many millions today.

The most brilliant mind of his era could calculate the orbits of planets to the minute but could not out-think the simple, ancient pull of watching other people get rich without him. Intelligence is not the same skill as emotional discipline, and markets are built to test the second one specifically.

ENLIGHTENMENT

Short Squeez Picks

• How to boost your motivation when you’re feeling lazy

• How to give a talk that will hook your audience

• The 4 thinking styles

• Is mental health affected by inflammation? 

• Warren Buffett on the communication skill that separates everyone else

MEME-A-PALOOZA

Memes of the Day

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